President is all out for industrialistation: Chairman APTMA

07 Apr '11

2 min read

Chairman All Pakistan Textile Mills Association (APTMA) Gohar Ejaz has lauded efforts of President Asif Ali Zardari for his industry-friendly approach and speedily implementation of APTMA-proposed way forward to bring economic turnaround in Pakistan.

All credit goes to President Zardari for extending full ownership to textile industry, declaring 2011 as the Year of Textile and activating the bureaucracy to follow the APTMA guidelines in true letter and spirit, said the young and dynamic APTMA Chairman.

It may be noted that Chairman APTMA Gohar Ejaz had suggested five initiatives on textile industry way forward during APTMA annual dinner held at presidency on March 11 on the desire of President Asif Ali Zardari.

These five initiatives include revamping agriculture research for increase in cotton productivity and other raw materials, 24/7 energy supply, zero rating-regime for textile value chain without hassle of refunds' accumulation, competitive interest regime and market access.

APTMA chief said President Zardari has resolved the issue of zero-rating regime for the textile industry once and for all. The agriculture productivity plan is on the anvil, he added. Further, he mentioned that short and medium term energy supply solutions are under deliberations in between APTMA and government policymakers.

However, he has urged the government to extend importance to initiatives like competitive interest regime and market access.

According to him, a competitive interest rate regime is very important to attract investment to textile industry, to create new jobs, produce exportable supplies to achieve $25 billion exports by 2014-15. He said allocation of funds under Technology Up-gradation Fund Scheme (TUFS), besides an instrument from the State Bank of Pakistan (SBP) is urgently awaited to implement both textile and trade policy initiatives.

It is worth noting that the TUFS speaks about 50% interest rate reduction up to 5 percent on capital intensive projects for investments in specific areas of industry.

On market access, said Gohar Ejaz, the Ministry of Commerce and APTMA have interacted recently but it still demands an expeditious approach for public/private initiative on lobbying the genuine case of Pakistan in US & EU for market access.

Chairman APTMA has expressed the hope that an implementation of the APTMA-proposed way forward would materialize the dream of economic turnaround in Pakistan.

All Pakistan Textile Mills Association (APTMA)

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